Lexi Jones - Counties Home Loans

05/05/2022

Thanks to my awesome employers, colleagues, clients and community, I've been named as one of the New Zealand Adviser Rising Stars. It's such a pleasure to do what I do with wonderful people around me.
I'd especially like to draw your attention to the use of the word 'young' in this publication :-)

The best young professionals have shown how to overcome adversity and set the stage for growth

29/03/2020

Update 3.
Important Update from the Banks - Hardship Applications.

Good morning everybody!
We all hope everyone is safe and healthy.
We have updates from the banks on their mortgage deferral (holiday) and hardship processes.

Please see below:

ANZ & ASB are still to finalise their process.

BNZ options available:
· Reduce your repayments to the minimum (where you are
paying more than the minimum)
· Move to interest only for up to 12 months
· Defer loan payments for up to 6 months (Mortgage Holiday)

Ways to apply
Apply direct to the bank:
https://www.bnz.co.nz/…/covid19-home-loan-repayment-deferral
Via your adviser (broker):
We just need an email describing the impact COVID-19 has had on you, and why the chosen option works best (Interest only or payment deferral) and the loan numbers you want it to apply to.

Westpac options available:
· Reduce your repayments to the minimum (where you are
paying more than the minimum)
· Defer loan payments for 6 months (Mortgage Holiday)

Ways to apply
Direct to the bank:
On the phone 0800 606 606
Via your adviser (broker):
We just need an email describing the impact COVID-19 has had on you, and why the chosen option works best (Interest only or payment deferral) and the loan numbers you want it to apply to.

One thing it is important to note. Some bank systems will report the hardship applications as a negative credit event to credit agencies which will reduce your credit score.
This is being worked on with the banks and the credit agencies, and once finalised will be removed from the credit files, and have no lasting impact on your credit scores.

Also, we are starting to hear from our landlords that their tenants are starting to miss or short pay rent.
At this time, when a landlord may be facing reduced income themselves, or for people whose rent may be their only source of income, this is particularly stressful.
A professional Property Manager has kindly offered that any landlord who privately manage their rentals, and wants to talk through what to do, the steps, process and options they have, can give them a call or email for a free, no obligation chat about their options and what they need to do.
If this would be of benefit to you or any other landlords you know, please email us for the contact details of the property manager.
And finally, on a personal note, one of the important things to do, while isolated and especially if you are feeling anxious or facing hardship is to talk to others.Whether it’s your friends, family or colleagues, a person inside your bubble or via phone/internet to people outside your bubble, just talking to someone can make the world of difference to you, or even to them.
Stay safe everybody, and if we can help you or anybody else, please give us a call/email anytime.
Warm regards
Geoff, Hannah, Lexi & the team.

29/03/2020

Update 2.
Mortgage Holiday and Business Loan Updates.
On Tuesday the government agreed to the banks' request to be able to give a 6-month mortgage holiday to customers affected by the Covid-19 shutdowns or job losses.
The process will be streamlined and much simpler, and the updated process is expected by the end of the week.
The banks options that have been released are below:

This is fast evolving and more options will be released as the week continues
For business owners, there are options.
The banks are all offering temporary offering overdrafts with a simplified process for businesses impacted by Covid-19
The Government has also announced a loan support package for small businesses.
The government will guarantee loans up to $500,000 for up to 3 years from the trading banks for small and medium enterprises.
The business loans will be applied for via the banks and approved by them as well.
If you think you may need support, please get in touch with either us or your bank.

If you know any business owners who want to speak to somebody, we are always free to chat, and please feel free to forward this to anyone who may find it useful.
Warm regards Geoff,Hannah, Lexi & the team

25/03/2020

Coronavirus COVID-19 - Update from Counties Home Loans & Insurance
Today’s reality has not happened in our lifetime, or in many others' lifetimes, so it is a massive shock!
For most people there is a feeling of uncertainty, powerlessness and fear for the future.
Over the next few days/weeks we will be sending out regular updates via email and on our page to help keep you updated on what's happening.
As you know, we are now Level 4 in the Covid-19 response.
For many people, this means a change in the way they're working and potentially the amount they're earning. But the expenses don't stop, the loan repayments remain and of course, we all need to put food on the table.
So here are some options that can help us manage this.
The first thing we should all do is look at the Government's support package, and what is available.
See below link:

https://covid19.govt.nz/government-actio…/financial-support/

For employers there are wage subsidies and leave repayments to keep jobs open and pay staff at home.
For employees, you may claim a payment to partially replace your income if you’re not paid.
However, at $585 per week maximum, most of the repayments are below the income a lot would usually receive.

We have been assured by all the banks, that they are going to help clients through this time.
There will be two main options for home loan clients:
The first is interest only.
This is where you only pay interest on the loan. If you have a principal and interest loan (which most home loans are) then interest only will reduce your repayments by between 30 and 50%.
It does mean that your principal loan amount doesn't reduce during this time.
The second is a “mortgage holiday”.
This is where the bank adds the interest to your loan principal, so you have no payments to make for an agreed period. Usually this is in place for 3 months, but can be extended to 6 months.
The down side is that your loan balance goes up over the time, but it removes the loan payment during the tough time.

The Banks are working hard to finalise the details for their support packages, and are seeking approval from the regulators (RBNZ/FMA) for how to roll this out.
In the interim, there is still the usual hardship application process. It requires completion of an application form, and supporting information, the bank can then assess and decision the application.
This should be streamlined to be faster and easier once the process is signed off.
If you want to start an application under the existing process, please see the below links.

https://www.bnz.co.nz/…/m…/experiencing-financial-difficulty

https://www.westpac.co.nz/…/application-for-financial-hard…/

https://www.asb.co.nz/…/our-commitments-to-customers-in-fin…
https://www.anz.co.nz/comms/financial-hardship/

The insurance companies are finalising their support for our customers as well.
We will send an email detailing this in the coming days.
An example of this support however, is Partners Life are allowing a premium holiday for up to 6 months, while retaining full premium coverage.
Over the next 4 weeks, some businesses, such as supermarkets, medical centres as well as banks and insurance companies are deemed essential, so will continue to operate.
We will be working from home, so will be available by phone and email. Please don't hesitate to touch base with us if you have any questions.
We will be continuing with regular updates as we have them.
If any of your friends, family or colleagues have questions about their loans, or are uncertain about what will happen, please feel free to forward this onto them.

Kia kaha, kia maia, kia manawanui

Geoff, Hannah, Lexi & the team at Counties Home Loans and Insurance.

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